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Date of this Version

9-27-2019

Document Type

Book Chapters

Summary

  • The business plan is an important tool for raising capital, finding strategic partners, recruit­ing, and providing an internal guide on how to drive a company’s growth.

  • The plan should include an executive overview, introduction to the management team, market and competitive analyses, value proposition, operating plan, financial projections, and potential risks.

  • The plan should be concise, well written, and dynamic. Details behind key assumptions should be included.

  • Common business plan pitfalls include focusing only on the product without framing it in the context of the consumers/patients, the market dynamics, and the ecosystem in which it will be launched, as well as giving financials that are too aggressive and precise given the stage the company is in.

  • New founders should consider engaging experts to help test assumptions as they develop the key parts of the business plan, including the financial projections.

  • Many of the same concepts for writing a business plan for a startup apply to creating a business plan for a new clinical program or expanding operations within a health system.

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

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